Who Gets To Buy Assets With Government Guarantees?

So we know that one component of the new banking bailout will be a public-private investment partnership, whereby the government will provide some kind of downside insurance to encourage private money to take on these assets. Of course, this is just another way of saying that the taxpayer will be on the hook for the bad loans bankers made in the past.

Here's our question: Who gets to buy these assets with government guarantees? Who gets the prvilige of underpaying?

Will it only be well-connected oligarchs investors who get access, or might they float a publicly-traded ETF, so that any public investor can get in on the gravy train? Somehow we're guessing it's the former.